Business Succession

Is Transferring Your Business to a Family Member a Viable Option?

Does your family business have…

  • a written Business Succession Plan
  • regularly update the Business Succession Plan, at least every five years
  • a formal Board or advisory group
  • an Organisation Chart
  • an up to date SWOT Analysis
  • written job descriptions, including your position
  • a system to measure employee performance
  • strong committed management
  • a recent independent valuation of your business
  • a potential buyer for your business
  • you working more than 50 hours a week
  • allow you to strategize for more than 5 hours a week

Personally, do you…

  • have a will
  • own disability insurance
  • have ample life insurance
  • consider yourself financially secure
  • rely upon your business to generate retirement funds
  • feel comfortable that your family can run your business
  • believe that you can let go of your business
  • consider the success of your business or successful family relationships more important

As for your family, do you…

  • feel that your spouse could run the business if something happened to you
  • believe your family understands the demands of leadership
  • have any concerns about maintaining family harmony between those that succeed you & those that don’t
  • have children that confide in you on personal matters
  • not have any children with substance abuse/psychological problems
  • possess a family Business Plan
  • encourage formal family business meetings
  • employ family members
  • employ spouses of family members
  • have written prerequisites/qualifications/experience for hiring of family/spouse members
  • ensure that there are the same work rules for family/spouse and non-family employees
  • pay your family/spouse market wages for their work
  • have open communications with your family/spouse employees

Business Succession planning is the answer

Noel Mayis a qualified business succession management advisor who can help you identify whether transferring your business to family members is your best business succession strategy or whether you should seriously consider other options.

For more information, call the office on (03) 9585 7555 and ask for Noel or Amanda,
orcontact us by email.